8 Best CRMs for Financial Advisors

In a profession built on trust, relationships, and precision, financial advisors need more than spreadsheets and email threads to manage their growing client base. To satisfy the needs of modern clients, financial advisors need the right technology. That’s where the customer relationship management system comes in. CRMs help financial advisors provide personalized advice, proactive service, and seamless customer experience. However, choosing the best CRM can be challenging with dozens of solutions available on the market.

In this article, we describe the best CRMs for financial advisors, including key features, pros and cons, and pricing, to help you make an informed decision.

What is CRM for Financial Advisors and Why Do You Need It?

A CRM for financial advisors is a specialized customer relationship management system designed to help advisors build stronger client relationships, manage financial portfolios efficiently, and provide personalized financial advice.

CRM is a centralized hub where all client information - from financial goals and investment history to risk tolerance and history of communication - is organized into accessible profiles. Financial advisors can easily retrieve this information and obtain valuable insights that help them prepare tailored offers and messaging. Additionally, CRMs streamline workflows and automate routine tasks, freeing advisors to focus on helping their clients achieve their financial objectives, rather than routine tasks.

Modern CRMs are equipped with the newest advancements in artificial intelligence, which help increase productivity, enhance personalization, and support informed decision-making.

Implementing a CRM enables financial advisors to:

• Strengthen client relationships with personalized service and financial advice tailored to current client needs, goals, risk tolerance, etc.
• Increase client satisfaction with timely and relevant communication supported by AI chatbots.
• Increase productivity by automating repetitive tasks like lead scoring, meeting scheduling, follow-ups, and document management.
• Enhance efficiency by organizing and storing all data in a unified platform, facilitating tracking and analysis of client interactions.
• Stay compliant with industry regulations thanks to compliance tracking and reporting tools.
• Enhance security with comprehensive security measures designed to safeguard sensitive client information.
• Grow revenue by identifying opportunities for cross-selling and upselling based on customer and market insights.

Features to Look for in a Financial Advisor’s CRM Software

CRM software for financial advisors supports all processes from acquiring new clients, through providing personalized financial advice, and managing portfolios, to providing excellent customer service.

Here’s a list of the most important features financial advisors should pay attention to when choosing the best solution for their business:

360 customer profile

CRM software allows financial advisors to build comprehensive client records that include financial goals, previous interactions, entire communication, risk tolerance, and preferences. Based on this information, financial advisors can prepare personalized financial advice, suggest relevant financial services and products, and tailor their communication style to fit client needs.

Additionally, CRMs powered by AI can automatically update customer profiles with new data from emails, calls, chats, text messages, and external sources, such as social media, ensuring that profiles are comprehensive and up to date.

Portfolio management

Financial advisors can easily manage the financial portfolios of their clients with portfolio management features. The CRM system monitors all financial services and products of each client, providing a comprehensive view of portfolio performance and potential risks and opportunities.

AI-driven insights

AI can quickly analyze client data and market conditions to provide valuable insights that help financial advisors provide personalized advice without spending hours on manual analysis. AI can suggest tailored financial products and investment strategies that accurately answer client needs, risk tolerance, financial goals, etc.

Customer service

Financial advisors using CRM software can improve the quality of customer service they provide. Features such as case routing help them prioritize the most pressing issues and make sure no case is overlooked. The case management feature supports efficient case handling. With AI-driven insights based on customer profiles and analysis of historical cases, financial advisors can provide more relevant and timely support.

Financial advisors facing a large number of inquiries can automate part of the process by using AI chatbots that can provide answers to common questions regarding portfolio performance, scheduled meetings, etc.

Omnichannel communication

CRM tools offer omnichannel communication features, allowing clients to contact their financial advisors through their preferred channel. Thanks to comprehensive integration, all information is saved and can be retrieved at any time, even if a customer switches to a different communication platform. This ensures continuity of communication and helps increase customer satisfaction.

Document management

All important documents, including financial plans, KYC documents, contracts, performance reports, etc., are securely stored in one CRM system. Additionally, financial advisors can benefit from AI capabilities to classify documents, find errors, and update data to improve the management of crucial documents.

Task and workflow automation

CRM systems automate routine tasks such as data updates, meeting scheduling, follow-ups, onboarding processes, and document management to save time and reduce manual effort. Thanks to workflow automation, financial advisors can focus on building relationships with clients and providing accurate financial advice. Additionally, CRMs that integrate agent AI capabilities can autonomously execute tasks and workflows with minimal human intervention.

Compliance tracking

CRMs provide built-in tools or integrations to support SEC, FINRA, GDPR, and other regulatory requirements, helping financial advisors stay compliant with industry standards. These features often include automated activity logs, detailed audit trails, and secure client communication tracking across channels. By centralizing compliance functions, CRMs reduce the administrative burden on advisors.

Customizable dashboards and reporting

A CRM system provides a real-time view of key metrics, such as client engagement, portfolio performance, advisor productivity, and pipeline activity. Many CRMs also offer customizable dashboards and reporting tools that simplify the process of generating reports for clients.

8 Best CRM for Financial Advisors

Creatio

Creatio is an AI-native CRM and no-code workflow automation platform that empowers financial advisors to provide highly personalized advice and make data-driven decisions. Creatio automates end-to-end customer journey with a maximum degree of freedom, streamlines processes, and enhances employee efficiency.

CRM Creatio provides a composable no-code architecture that allows financial advisors to customize their solution to their unique needs, without requiring IT assistance. Additionally, thanks to integration with over 700 third-party tools and applications, financial advisors can easily connect all tools from their existing tech stack into one cohesive platform. This connectivity ensures seamless data flow across the entire business ecosystem.

CRM for financial advisors from Creatio is equipped with robust security features, such as multi-factor authentication, end-to-end encryption, and role-based access control to ensure sensitive client information is safeguarded and financial advising businesses are adhering to data protection regulations.

CRM Creatio integrates key AI patterns, including generative, agentic, and predictive AI. Generative AI helps financial advisors prepare tailored content and communication based on customer profiles; agentic AI automates workflows and tasks; and predictive AI provides next best offer recommendations and supports data-driven decision-making.

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Key features

• 360 Customer profile - provides a 360-degree view of all clients, including their demographic data, current portfolio, financial goals, risk tolerance, and history of previous communication.
• Account opening - automates processes related to account opening, streamlines screening and verification routines, and speeds up approvals.
• Customer onboarding - streamlines onboarding processes and provides a personalized onboarding experience for each customer.
• Customer segmentation - enables customer segmentation by various criteria and allows financial advisors to engage with their audience with personalized communication and offers through the right channels and at the right time.
• Lead management - tracks and captures leads from various sources into a unified database, providing a clear view into the sales pipeline
• Cross-selling and upselling - provides highly personalized value propositions based on predictive scoring, AI/ML-powered next-best-offer intelligence, and the client's history of previous interactions.
• Case management - tracks and classifies all customer service cases, automatically routes cases to the most fitting agent, and sends automatic alerts about new cases, follow-ups, etc.
• KYC - ensures customer profiles and complete and accurate with automated data verification and deduplication tools, enterprise-grade data security, and AI/ML-powered customer intelligence tools.
• AI-powered workflow and task automation - autonomously executes workflows and tasks such as scheduling meetings, updating records, case routing, account opening, and compliance audits.
• Data analysis and reporting - analyzes performance metrics and creates detailed reports with generative AI capabilities.

Pros

• Intuitive and user-friendly interface
• AI capabilities seamlessly integrate across the whole platform at no additional cost
• Highly customizable thanks to composable architecture and no-code tools
• Robust security measures
• Built-in compliance features

Cons

• Might present an initial learning curve due to extensive customization options 

Pricing

Creatio offers transparent pricing with no hidden costs or fees. Financial advisors can choose between different pricing plans, depending on the scope of features and the number of users:

• Growth starting at $40 per user/month
• Enterprise starting at $70 per user/month
• Unlimited starting at $100 per user/month

Salesforce

Salesforce Financial Services Cloud is a CRM for financial institutions and advisors. It’s a purpose-built automation solution supported by industry-specific AI to streamline processes and personalize customer engagement. Salesforce helps financial advisors increase customer loyalty and retention, facilitate customer onboarding, and gain AI-driven insights for financial planning.

Key features

• Relationship center - provides a view of all relationships and related key information in one place.
• Contact segmentation - creates lists of contacts for priority engagement
• Plans & goals - actionable financial goals
• Onboarding console - pre-configured template for streamlined onboarding
• Customer service rep experience - provides agents with recommendations to close cases faster
• Financial data platform - creates a unified financial profile with data from core banking and financial planning
• Einstein 1 – AI assistant helps accelerate customer growth and loyalty

Pros

• AI-powered insights with predictive analytics and next-best-action recommendations
• Seamless integration with third-party portfolio management, financial planning tools, custodians, and other Salesforce products

Cons

• More expensive than most CRM solutions
• Complex setup requires expert help for implementation and customization
• Not a good solution for non-technical teams since it requires ongoing IT support
• AI is only available in the highest pricing tier and is not part of the basic offering

Pricing

• Sales starting at $300 per user/month
• Service starting at $300 per user/month
• Sales and Service starting at $325 per user/month
• Einstein 1 for Sales and Service starting at $700 per user/month

Zoho CRM

Zoho CRM for financial services is designed to help financial advisors manage client relationships, deliver exceptional services, and strengthen client loyalty. Zoho provides AI technology, which financial advisors can use to automate follow-ups, prioritize leads, and personalize communication to increase customer engagement.

Key features

• 360-degree client information - includes all client information, including financial & policy documents, insurance records, etc.
• Email templates - enables personalized communication with customizable templates for each client category
• Account management - provides a complete view of all transactions and interactions
• Analytics and reporting - helps create customized dashboards, track key performance indicators, and obtain smart insights from CRM data
• Zia assistant - provides intelligent predictions and suggestions to streamline processes, and suggests the next best action and optimal time to contact a client

Pros

• Seamless integration with Zoho tools, such as Zoho Desk and Zoho Sign, and
• Over 100 third-party business applications, including LinkedIn, Outlook, etc
• Highly customizable
• AI-driven insights
• Intuitive user interface

Cons

• Advanced AI capabilities are only available in the highest pricing tier
• Limited built-in compliance features
• Steep learning curve for users without a tech background

Pricing

• Standard for $12 /user/month
• Professional for $20 /user/month
• Enterprise for $35 /user/month
• Ultimate for $45 /user/month

Microsoft

Microsoft Cloud for Financial Services is a CRM designed to help financial professionals deepen customer relationships and unlock business value with AI. Microsoft CRM allows financial advisors to provide tailored financial service experiences, improve productivity, and efficiently manage risk and compliance processes.

Key features

• Client engagement - tracks client interaction history across all channels, creating a unified view of client information, account details, and preferences.
• Client insights - provides real-time insights based on the client's view and enables proactive engagement.
• Augmented intelligence - allows financial advisors to personalize and augment the client experience with AI tools.
• Risk analytics - provides risk insights and empowers financial advisors to make data-driven decisions.
• Regulatory compliance and reporting - helps meet current and prepare for future regulatory requirements through cloud-based efficiencies.

Pros

• Highly customizable and scalable
• Advanced analytics and AI capabilities
• Robust security features

Cons

• Limited integration with third-party tools
• Complex setup and customization require implementation partners and ongoing support
• Steep learning curve
• Additional costs of AI and compliance features

Pricing

Microsoft Cloud for Financial Services pricing depends on several factors, such as licensing type, support services, and add-ons for compliance, analytics, or AI. Pricing starts at around $95–$210+ per user/month.

Redtail

Redtail is a CRM for financial advisors that streamlines relationship management, data tracking, and document management. Financial advisors can use Redtail CRM to improve efficiency, build stronger connections with clients, and increase profitability.

Key features

• Workflow automation - automates crucial business processes
• Reporting - offers many standard reports and exports to create custom exports
• Speak - a collaborative communication platform that enables financial advisors to communicate with clients via chat
• Speak AI assistant - streamlines communication with clients by suggesting text message responses based on previous interaction history
• Seminars - help plan and manage seminars as a prospecting tool, tracks data from email and call campaigns
• document management - safely stores and manages sensitive documentation

Pros

• User-friendly interface and intuitive navigation
• Seamless integration with financial planning, portfolio management, and risk management tools
• Good customer service and training program

Cons

• Limited AI capabilities compared to other solutions
• Fewer features compared to other CRMs
• Initial learning curve

Pricing

• Launch for $39 per user/month
• Growth for $59 per user/month
• Enterprise - custom pricing

Wealthbox

Wealthbox is a CRM purposefully built for financial advisors’ needs, helping them connect with clients, prospects, and coworkers. It offers a suite of features designed to improve relationship management and seamlessly track all opportunities.

Key features

• Contact management - organizes notes, emails, files, and financial information, groups prospects and clients.
• Custom fields - allows creation of custom fields, text dates, and checkboxes to fit business needs.
• Opportunity tracking - provides a drag-and-drop interface to build and manage pipelines, offering a clear view of all opportunities
• Wealthbox Mail - provides a two-way sync with email inbox, allowing financial advisors to send and receive emails without leaving Wealthbox.
• Document management - financial advisors can easily access, manage, and share files with coworkers.
• Reporting - features for creating customized CRM reports with data visualization for better analytical insight.

Pros

• Integration with over 100 financial tools for portfolio management, risk analysis, financial planning, billing, etc.
• Robust security measures, including 256-bit encryption, multi-factor authentication, and automatic session timeouts
• Easy to integrate, use, and customize

Cons

• Lack of AI capabilities
• Lack of direct customer support
• Limited reporting options

Pricing

• Basic for $59 per user/month
• Pro for $75 per user/month
• Premier for $99 per user/month
• Enterprise - customized pricing

AdvisorEngine CRM

AdvisorEngine is a customer relationship management system designed to help financial advisors provide highly personalized client experiences. AdvisorEngine offers features for tracking financial goals, following industry regulations, and seamless communication with clients.

Key features

• Contact management - provides access to crucial customer information, enabling financial advisors to customize client communications and interactions.
• Practice management - automates tasks and processes with customizable workflows and preconfigured templates, monitors task progress.
• business intelligence dashboards - built-in dashboard reporting templates, which enable financial advisors to gain a detailed view of the sales pipeline, track revenue goals, understand prospect needs, and proactively resolve customer issues.
• Compliance support - CRM captures all interactions and covered captures to support compliance with industry regulations.
• Gmail and calendar sync - integration with Microsoft Office 365 and Google allows financial advisors to easily manage emails and calendars within the CRM.

Pros

• Easy to implement and use
• User-friendly interface
• Built with financial advisors in mind

Cons

• Limited document management capabilities
• Lack of regular system updates and new feature releases
• Some users reported that the system can be slow and occasionally crash
• Lack of AI capabilities

Pricing

• $60 per user per month

Sugar CRM

Sugar provides a CRM system designed for financial service firms to develop long-lasting client relationships, deliver customized customer service, and maximize client value. Sugar CRM enables financial advisors to consolidate all client information in one place and streamline communication.

Key features

• Unified customer view - consolidates client information, including transaction histories, open cases, grievances, and more.
• Personalized communication - enables personalized messages based on life milestones, transaction history, etc.
• Flexible workflow automation - streamlines crucial processes, such as customer onboarding, KYC, and compliance with industry regulations.
• Prospecting - identifies new opportunities and sends automated follow-up reminders
• AI-powered predictions - AI provides cross-selling and upselling opportunities across the client lifecycle.

Pros

• Seamless integration via APIs with ERPs, business intelligence apps, mailboxes, campaign management tools, and more.
• Streamlined internal communication and knowledge exchange across departments.
• Intuitive interface and clear navigation
• Advanced analytics powered by AI

Cons

• Initial learning curve
• AI tools are only accessible in the two highest pricing tiers
• Insufficient customer support
• High total costs of ownership

Pricing

• Essentials for $19 per user/month
• Standard for $59 per user/month
• Advanced for $85 per user/month
• Premier for $135 per user/month

How to Choose the Right CRM for Financial Advisors

As a financial advisor, you should consider a few key factors when choosing the right CRM for your business needs:

• Scope of features - make sure the chosen solution offers all the features you need, including a comprehensive customer profile, and features to manage relationships, documents, portfolios, etc.
• Customization capabilities - choose CRM software that can be easily customized to fit your unique business processes, workflows, fields, etc.
• User-friendliness - make sure the software you choose is intuitive and user-friendly, so you don’t require costly IT support. Assess the initial learning curve and choose an easy-to-use solution.
• AI capabilities - consider choosing an AI-powered CRM to gain better customer insights and support decision-making processes.
• Integration with third-party tools - look for a CRM that provides integration with core financial tools, business applications, mailboxes, etc.
• Security and compliance - make sure the CRM software provides robust security measures and facilitates compliance with industry regulations.
• Total cost of ownership - consider all costs associated with owning a particular CRM software, watch out for costly add-ons and hidden fees. Choose a solution that provides transparent pricing and includes all features in the baseline pricing.

Final Thoughts - Choosing the Right CRM for Financial Advisors

The right CRM empowers financial advisors to work more efficiently, stay compliant, and make data-driven decisions. That’s why selecting a solution tailored to the unique needs of financial advisors is essential for long-term success. With the right features, advanced AI capabilities, and seamless integration with other financial tools, a modern CRM becomes more than just software - it becomes a strategic tool that helps you grow your practice and deliver exceptional client experiences.